Press Release

Release Date: July 20, 2011

For release at 1:00 p.m. ET

On Monday, July 25, 2011, the Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility. As noted in the Federal Reserve Board's September 8, 2010 release, this offering is part of ongoing small-value operations designed to provide eligible institutions with an opportunity to become familiar with term deposit operations. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation D, and the terms and conditions of the Term Deposit Facility (http://www.frbservices.org/centralbank/term_deposit_facility.html).

Description of Offering and Competitive Auction Parameters

TDF Auction ID:

A19

Offering Amount:

$5,000,000,000

Term:

28 days

Auction Date:

Monday, July 25, 2011

Opening Time:

10:00 a.m. ET

Closing Time:

2:00 p.m. ET

Notification Date:

Tuesday, July 26, 2011

Settlement Date:

Thursday, July 28, 2011

Maturity Date:

Thursday, August 25, 2011

Competitive Auction Parameters

Maximum Number of Bids:

3

Minimum Bid Amount (per bid):

$10,000

Bid Increment:

$10,000

Maximum Bid Amount (per institution):

$1,250,000,000

Maximum Bid Rate:

0.75000%

Incremental Bid Rate:

0.00100%

Award Minimum Amount:

$10,000

Award Maximum Amount:

$1,250,000,000

Competitive bids submitted at the stop-out rate will be pro-rated and will be rounded to multiples of $10,000. Normal rounding convention will be used, except that awards under $10,000 will be rounded to $10,000.

Non-Competitive bids are allowed in this auction. All non-competitive bids will be automatically awarded in full at the stop-out rate of the competitive auction. The minimum amount for a non-competitive bid is $10,000; the maximum amount is $5,000,000 and should be submitted in increments of $10,000. Non-Competitive bids must be submitted between 10:00 a.m. ET and 2:00 p.m. ET on the auction date.

NotificationSummary auction results will be published on the Board of Governors' website (http://www.federalreserve.gov/monetarypolicy/tdf.htm) at approximately 12:00 p.m. (noon) ET on the notification date. Soon after, results will be posted on the Term Deposit Facility Resource Center page of the Central Bank Central website (http://www.frbservices.org/centralbank/term_deposit_facility.html). Participant awards will be posted to the Term Deposit Facility application at approximately 12:00 p.m. ET on the notification date, and participants will be able to view their awards by accessing the Term Deposit Facility application.